Content Tagged "lose all your money with penny auction sites"

The latest rage on the internet are penny auction sites. Penny auction sites are cash cows for the site owners and cash suckers for most who use these sites to try and get a great deal on expensive items. How are penny auction sites a cash cow for the owners? Users of the site who wish to bid pay, on average, $.60 per bid. Each time a bid is placed the price increases by anywhere between $.01 and $.10, depending on the site. With the bid price starting at $0 and time of anywhere between 5 to 15 seconds added…